First & Citizens Bank of Smithfield Elects Officers, Directors, Jan. 12, 1925

Oldest Bank in County Has Good Year. . . Stockholders Meeting Reveals Best Year Since 1919; Customers Checks, $19 Million. . . Elect Directors

The annual meeting of the stockholders of the First and Citizens National Bank of this city was held yesterday afternoon at 2 o’clock with 24 stockholders present in person and 35 represented by proxy. A total number of 1,299 shares out of 1,750 were represented.

The officers reported a large volume of business handled during 1924, checks totaling $19,175,176.18, being drawn on the bank by its customers during the past year. The bank handled out of town checks and bills of lading drafts approximately $5 million. The officers considered the past year the most successful since 1919, all departments having gone ahead of 1922 and 1923. Two dividends of 4 per cent were paid during the year, the total dividends amounting to $14,000. The bank now has a paid in capital stock t the amount of $175,000, surplus of $52,000, and undivided profits $5,003.24.

The stockholders at their meeting yesterday elected the following board of directors: W.H. Austin, F.H. Brooks, N.B. Grantham, W.F. Grimes, C.T. Hill, T.R. Hood, J.J. Broadhurst, S.T. Turnage, J.W. Smith, L.D. Wharton, Will H. Lassiter, F.K. Broadhurst, William M. Sanders, J.D. Spiers, J.D. Underwood, and J.R.B. Tomlinson. The directors held their regular meeting last night, but as we go to press we have no report of their meeting.

Smithfield and Johnston county have reason to be proud of its banking institutions and especially of The First & Citizens National Bank, which is the largest bank for the size of the town in North Carolina. Its deposits are approximately$1 million with capital, surplus and undivided profits of a quarter of a million. It is the oldest banking institution in Johnston county. It was organized in 1898 under the name “The Bank of Smithfield.” Its first president was Allen K. Smith, at that time register of deeds of Johnston county. Its first cashier was John O. Ellington. It operated for about 12 months in the court house. Later the bank was opened on South Third Street. When the new hotel building was completed the bank moved its quarters there, where it did business until 1914 when the building which now houses the institution was erected at a cost of $22,000. The bank started with a capital stock of less than $15,000, and the figures already given above are proof enough that this institution has grown continuously since its organization.

This bank now requires a force of eight persons to carry on its work, and these are largely responsible for the efficient manner in which the business is handled. The officers during the past year were: T.R. Hood, president; R.P Holding, cashier; F.C. Sweeney, W.R. Woodall, and Miss Vara Sanders, assistant cashiers; Robt. W. Sanders, H.R. McCullers, and Miss Ethel Barbour.

From the front page of The Smithfield Herald, Tuesday, January 13, 1925

newspapers.digitalnc.org/lccn/sn92073982/1925-01-13/ed-1/seq-1/#words=JANUARY+13%2C+1925